Listen Here: Changes to Residential Agreement to Buy/Sell
LOUISIANA REALTORS • November 7, 2018
The process for making changes and updates to the Residential Agreement to Buy/Sell
is a joint effort between Louisiana REALTORS and the Louisiana Real Estate Commission. As 2019 approaches, real estate licensees and practitioners will see some changes and updates to the form that resulted from over 200 comments and ideas sent to the workgroup for deliberation.
In the below video, Commissioner Rick Roberts reviews the various lines and changes and many will see the same items being discussed throughout the 2019 Mandatory CE topic: LREC Updates & Addenda
prepared by Burk Baker and Anna B. Trimble, Esq.
The 2019 course material will cover the following:
I. Section One: Updates to the Louisiana Residential Agreement to Buy or Sell
II. Section Two: In-Depth Portions
a. Financing
b. Inspection Period
c. Curative Work and Merchantable Title
III. Section Three: Addenda
a. LREC Property Disclosures
b. Buyer Agency Agreement
c. Condominium Agreement
d. Contingency Agreement
e. Flood Insurance Purchase Requirement Addendum
f. New Construction Addendum
g. Notice of Ministerial Acts
h. One Time Listing with Representation
i. One Time Showing Without Representation
j. Right of First Refusal Addendum
IV. Section Four: MyLREC Portal
a. Portal Features
b. How to access
c. User ID and password lookup
d. Auto forwarding your MyLREC Email
Should you have questions or need clarification on any items covered in the recording, please contact us by emailing info@larealtors.org, or clicking the button below.
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NAR is pleased to share the latest consumer guide about contract contingencies and clauses that buyers and sellers may encounter in a real estate transaction. The guide defines common contingencies and clauses and helps consumers understand what happens if the terms aren’t fulfilled. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Real Estate Contract Contingencies Understanding Condo Ownership How to Protect Against Real Estate Wire Fraud 5 Home Selling Tips for Privacy and Safety Do You Need Private Mortgage Insurance? What Is the VA Home Loan Guaranty? Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for the next consumer guide, which focuses on working with a remodeling contractor.
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